Transferwise is a payment option for costumers outside the US who wish to pay with a currency other than USD ($).
The SWIFT systems used by banks to transfer money around the world was founded in 1973, and at that time, this was a great step forward. However, today this system appears old with numerous hefty fees when the money is transferred around and currencies exchanged.
Instead, Transferwise aims to transfer the money only locally, and they (Transferwise) charges only a small commission fee for the money transfer. And they use the mid-market rate, no bad exchange rates!
Read this article to know more. You can also use this currency converter to compare fees for yourself.
